Wealthtech firm Allfunds has formed a partnership with ICBC’s Hong Kong subsidiary to expand the Chinese bank’s cross-border fund accessibility.
Allfunds and ICBC (Asia) – the Hong Kong-incorporated unit of ICBC – have formed a strategic partnership, according to a statement.
Initially, the tie-up will provide a technological fund platform for ICBC (Asia) to simplify manual processing, reduce operational risks, enhance operational efficiency and automate transactions. Allfunds will provide tech solutions and operational support to help the Chinese lender streamline its international investment operations, reduce administrative work and improve the efficiency of managing foreign investments.
Second Phase
And in a second phase, ICBC (Asia) will integrate some of Allfunds' digital solutions including an API platform for the retrieval and integration of value-added fund data and reports. The Chinese bank will also have access to «nextportfolio» – a tool for portfolio managers that offers multi-asset capabilities with a fully tailored, mobile-ready, digital experience.
«We are delighted to support ICBC (Asia) in its growth ambitions beyond Hong Kong, where it is already an established market leader, as we continue to develop our ecosystem and specialize further in servicing custodians in Asia, and globally,» commented David Pérez de Albéniz, regional manager for Asia at Allfunds.
